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Saudi Shaker cuts Q2 losses by 74%

Saudi Shaker cuts Q2 losses by 74%
0.63% 12.70 0.08

Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker) posted its interim financial statements for the second quarter of 2019.

Net losses after zakat and tax fell by 74.4% to SAR 9.9 million in Q2-19, compared to SAR 38.9 million in Q2-18, according to the company’s recent statement to the Saudi Stock Exchange (Tadawul).

The decrease in losses was attributed to the increase in sales and the drop in operating expenses.

Meanwhile, revenues jumped by 19.3% to SAR 253.5 million during the three-month period ended June, from SAR 212.3 million in the same period of the prior year.

On a yearly basis, Shaker’s net losses decreased by 31% during the first six months of 2019, recording SAR 38.67 million.

Total revenues of the Saudi-based firm increased by 5.5% to SAR 450.8 million in H1-19, from SAR 427.2 million in H1-18.

Loss per share reached SAR 0.58 by the end of June, versus SAR 0.94 in the same period of the previous year.